Tuesday, October 26, 2010

Maine Adopts New Form ADV Part 2 for IAs in 2011

Investment adviser applicants filing an initial Form ADV, Uniform Application for Investment Adviser Registration, and investment adviser licensees filing amendments to Form ADV Part II may, between October 12, 2010 and January 1, 2011, use either current Part II or new Part 2, although Maine's Office of Securities encourages using new Part 2 as soon as possible.

Applicants and licensees will be required, starting January 1, 2011, to electronically file their initial applications, amendments and annual updating amendments, respectively, using new Part 2. The annual updating amendment to Form ADV (Parts 1 and 2) must be submitted within 90 days of the investment advisers’ fiscal year-end but investment advisers with a December 31 fiscal year-end have until March 31, 2011 to submit this filing.

Licensed investment advisers must annually either: (1) deliver to each client within 120 days of the advisers' fiscal year-end a free updated brochure that includes a summary of material changes or is accompanied by a summary of material changes; or (2) deliver to each client a summary of material changes including an offer to provide a copy of the advisers’ updated brochure and information on how a client may obtain it. The Office of Securities encourages investment advisers to follow the new Form ADV Part 2 instructions on the distribution and delivery schedule of the new brochure and brochure supplement.

For more information on Maine's 2011 renewal procedures for investment advisers please see http://www.mainesecuritiesreg.org/